Washington, D.C. — The Conference of State Bank Supervisors (CSBS) announced today that the California Department of Business Oversight, the California Bureau of Real Estate, and the Missouri Division of Finance began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content on January 1, bringing the total number of state agencies that use the test to 50.
Twenty state agencies initially adopted the National SAFE MLO test in April 2013. An additional 27 state agencies adopted the test between July 2013 and December 2015.
“California and Missouri’s adoption of the Uniform Standard Test is yet another critical step toward a single national testing standard for mortgage loan originators,” said Bob Entringer, Commissioner of the North Dakota Department of Financial Institutions and Chairman of the State Regulatory Registry LLC. “State agencies that have adopted the test have witnessed a significant increase in mortgage license applications. This is a reflection of efficiency the uniform test brings to the licensing process and the expanded opportunity it brings for conducting business in multiple states.”
The test, which was first made available on April 1, 2013, combines both the national and state testing requirements of the SAFE Act and streamlines the license application process for MLOs seeking licenses in multiple states. For these adopting states, the new test replaces the separate, state-specific tests. A license applicant who passes the National SAFE MLO Test with Uniform State Content will not need to take any additional state-specific tests to hold a license within participating states.
Since its release on April 1, 2013, more than 69,000 MLOs have taken the National SAFE MLO test with Uniform State Content.
More information on the National SAFE MLO test with Uniform State Content is available here.